LBD02977-01-5
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SERIOUS, IT IS TOO OFTEN AN INSURMOUNTABLE BARRIER TO THE ACHIEVEMENT OF
A SAFE AND DECENT PLACE IN WHICH TO LIVE.
IT IS HEREBY FOUND AND DECLARED THAT THERE EXISTS WITHIN THE STATE
CERTAIN AREAS CHARACTERIZED BY A SEVERE SHORTAGE OF SAFE, DECENT AND
AFFORDABLE HOUSING, DILAPIDATED AND ABANDONED RESIDENTIAL STRUCTURES AND
SHRINKING TAX BASES. MOREOVER, IT IS FOUND THAT THE LACK OF HOUSING IN
THESE AREAS THREATENS EMPLOYMENT GROWTH PROSPECTS AND THAT WITHOUT
ADEQUATE PROVISION OF HOUSING AND THE SATISFACTION OF HOUSING NEEDS,
THESE REGIONS OF THE STATE MAY NOT RETAIN SKILLED LABOR AND SUSTAIN THE
GROWTH IN EMPLOYMENT AND OUTPUT OF WHICH THEY ARE CAPABLE.
S 983. DEFINITIONS. 1. "COMMISSIONER" SHALL MEAN THE COMMISSIONER OF
HOUSING AND COMMUNITY RENEWAL.
2. "SUBSTANTIAL REHABILITATION" SHALL MEAN THE IMPROVEMENT OF A RESI-
DENTIAL PROPERTY WITH THE ASSISTANCE OF ANY FORM OF PUBLIC HOUSING
MONIES TO A DECENT, SAFE AND SANITARY CONDITION IN ACCORDANCE WITH STAN-
DARDS AS SHALL BE PROMULGATED BY THE COMMISSIONER. SUBSTANTIAL REHABILI-
TATION MAY VARY IN DEGREE FROM GUTTING AND EXTENSIVE RECONSTRUCTION TO
THE CURE OF SUBSTANTIAL ACCUMULATION OF DEFERRED MAINTENANCE. COSMETIC
IMPROVEMENTS ALONE SHALL NOT QUALIFY AS SUBSTANTIAL REHABILITATION.
S 984. CRITERIA FOR HOUSING OPPORTUNITY ZONES. TO BE ELIGIBLE FOR
DESIGNATION BY THE COMMISSIONER AS A HOUSING OPPORTUNITY ZONE, AN AREA
MUST BE CHARACTERIZED BY A SIGNIFICANT AMOUNT OF DETERIORATING,
SUBSTANDARD, VACANT OR ABANDONED RESIDENTIAL BUILDINGS WHICH ARE NOT
BEING ADEQUATELY REPAIRED, RENOVATED, UPGRADED, MODERNIZED OR REHABILI-
TATED UNDER EXISTING PROGRAMS SO AS TO PROVIDE AN ADEQUATE SUPPLY OF
SAFE AND DECENT HOUSING AT COSTS WHICH THE RESIDENTS OF THE AREA CAN
REASONABLY AFFORD, A HIGH VACANCY RATE, A LARGE NUMBER OF HOMELESS FAMI-
LIES OR INDIVIDUALS AND GENERAL ECONOMIC DISTRESS. THE LACK OF ANY ONE
FACTOR IN A PARTICULAR REGION SHALL NOT BE DETERMINATIVE IN THE DESIG-
NATION PROCESS. THE DESIGNATION OF ONE HOUSING OPPORTUNITY ZONE WITHIN A
PARTICULAR REGION SHALL NOT PRECLUDE OTHER AREAS WITHIN THE REGION FROM
BEING SO DESIGNATED AS WELL, AS LONG AS THE APPROPRIATE CRITERIA EXIST
WITHIN THE AREA TO SUPPORT SUCH A DESIGNATION.
S 985. POWERS OF THE COMMISSIONER. THE COMMISSIONER SHALL:
1. AFTER CONSULTATION WITH THE DIRECTOR OF THE BUDGET, THE CHIEF EXEC-
UTIVE OFFICER OF THE STATE OF NEW YORK MORTGAGE AGENCY, THE EXECUTIVE
DIRECTOR OF THE HOUSING FINANCE AGENCY, THE SECRETARY OF STATE, THE
COMMISSIONER OF TAXATION AND FINANCE AND THE EXECUTIVE DIRECTOR OF THE
STATE OFFICE OF RURAL AFFAIRS, PROMULGATE REGULATIONS GOVERNING (A)
CRITERIA OF ELIGIBILITY FOR HOUSING OPPORTUNITY ZONE DESIGNATION, (B)
THE APPLICATION PROCESS, (C) THE ELIGIBILITY OF BUSINESS ENTERPRISES FOR
BENEFITS REFERRED TO IN SECTION NINE HUNDRED EIGHTY-SEVEN OF THIS ARTI-
CLE AND (D) STANDARDS DEFINING WHAT COMPRISES SUBSTANTIAL REHABILITATION
AS USED IN THIS ARTICLE;
2. RECEIVE AND REVIEW APPLICATIONS FOR DESIGNATION OF AREAS AS HOUSING
OPPORTUNITY ZONES;
3. SOLICIT AND REVIEW THE OPINIONS OF LOCAL OFFICIALS AS TO WHETHER
PARTICULAR AREAS SHOULD BE DESIGNATED AS HOUSING OPPORTUNITY ZONES; AND
4. MAKE FINAL DETERMINATIONS OF AREAS AS HOUSING OPPORTUNITY ZONES,
PROVIDED, HOWEVER, THAT ALL SUCH ZONES SHALL MEET THE REQUIREMENTS OF
THIS ARTICLE.
S 986. PROPERTY TAX RELIEF. ALL NEW RESIDENTIAL CONSTRUCTION INVOLVING
THE ASSISTANCE OF ANY FORM OF PUBLIC HOUSING MONIES AND SUBSTANTIAL
REHABILITATION OF RESIDENTIAL UNITS WITH THE ASSISTANCE OF ANY FORM OF
PUBLIC HOUSING MONIES COMPLETED SUBSEQUENT TO THE DESIGNATION OF AN AREA
AS A HOUSING OPPORTUNITY ZONE SHALL BE ENTITLED TO AN EXEMPTION FROM
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PROPERTY TAXES AS PROVIDED FOR IN THE REAL PROPERTY TAX LAW; PROVIDED
THAT SUCH NEW CONSTRUCTION OR SUBSTANTIAL REHABILITATION IS DONE TO A
UNIT LOCATED WITHIN SUCH ZONE.
S 987. BUSINESS TAX CREDIT. BUSINESS ENTERPRISES WHICH INVEST IN NEW
CONSTRUCTION INVOLVING THE ASSISTANCE OF ANY FORM OF PUBLIC HOUSING
MONIES OR SUBSTANTIAL REHABILITATION OF RESIDENTIAL UNITS WITH THE
ASSISTANCE OF ANY FORM OF PUBLIC HOUSING MONIES LOCATED WITHIN A HOUSING
OPPORTUNITY ZONE SHALL BE ENTITLED TO A TAX CREDIT PURSUANT TO SUBPARA-
GRAPH (I) OF PARAGRAPH (B) OF SUBDIVISION ONE OF SECTION TWO HUNDRED
TEN-B AND SUBPARAGRAPH (A) OF PARAGRAPH TWO OF SUBSECTION (A) OF SECTION
SIX HUNDRED SIX OF THE TAX LAW, PROVIDED, THAT SAID CONSTRUCTION OR
REHABILITATION MUST PRODUCE A RATIO OF AT LEAST ONE UNIT OF HOUSING AT
AN AFFORDABLE RATE FOR EVERY TWO UNITS THAT ARE TO BE SOLD AT THE
PREVAILING MARKET RATE IN THE HOUSING OPPORTUNITY ZONE. AFFORDABLE RATE
SHALL BE DEFINED AS THE RATE DESCRIBED IN THE HOUSING PROGRAM USED AND
WHICH HAS SERVED AS THE SOURCE OF THE PUBLIC HOUSING MONIES APPLIED TO
THE SPECIFIC PROJECTS BUILT OR REHABILITATED IN THE HOUSING OPPORTUNITY
ZONE.
S 988. REDUCED ELECTRICITY AND GAS RATES. EACH UTILITY PROVIDING ELEC-
TRIC SERVICE, GAS SERVICE OR BOTH, OTHER THAN A UTILITY OWNED OR OPER-
ATED BY A MUNICIPALITY, SHALL BE REQUIRED TO PROVIDE A REDUCED RATE AS
PROVIDED FOR IN SECTION SIXTY-FIVE-C OF THE PUBLIC SERVICE LAW TO RESI-
DENTIAL CUSTOMERS RESIDING IN HOUSING OPPORTUNITY ZONE RESIDENTIAL UNITS
WHICH WERE NEWLY CONSTRUCTED WITH THE ASSISTANCE OF ANY FORM OF PUBLIC
HOUSING MONIES OR WHICH WERE SUBSTANTIALLY REHABILITATED WITH THE
ASSISTANCE OF ANY FORM OF PUBLIC HOUSING MONIES SUBSEQUENT TO THE DESIG-
NATION OF THE AREA AS A HOUSING OPPORTUNITY ZONE.
S 989. EXEMPTION FROM SALES TAX. ALL MATERIALS USED IN THE
CONSTRUCTION INVOLVING THE ASSISTANCE OF ANY FORM OF PUBLIC HOUSING
MONIES OR SUBSTANTIAL REHABILITATION WITH THE ASSISTANCE OF ANY FORM OF
PUBLIC HOUSING MONIES OF HOUSING OPPORTUNITY ZONE RESIDENTIAL UNITS
SHALL BE EXEMPT FROM ALL STATE AND LOCAL SALES TAXES.
S 989-A. WAIVER OF PERMIT FEES. ALL PERMIT FEES REQUIRED BY THE STATE
OR LOCALITY FOR ANY PHASE OF THE CONSTRUCTION OR SUBSTANTIAL REHABILI-
TATION OF HOUSING OPPORTUNITY ZONE RESIDENTIAL UNITS WHICH HAVE RECEIVED
ASSISTANCE OF ANY FORM OF PUBLIC HOUSING MONIES SHALL BE WAIVED IN TOTAL
BY THE STATE OR THE LOCALITY.
S 989-B. SPECIAL PROVISIONS. EACH RESIDENTIAL UNIT CONSTRUCTED WITH
THE ASSISTANCE OF ANY FORM OF PUBLIC HOUSING MONIES OR SUBSTANTIALLY
REHABILITATED WITH THE ASSISTANCE OF ANY FORM OF PUBLIC HOUSING MONIES
WITHIN A HOUSING OPPORTUNITY ZONE SHALL BE READILY ADAPTABLE TO A UNIT
WHICH IS COMPLETELY ACCESSIBLE BY PERSONS WITH HANDICAPPING CONDITIONS.
S 989-C. MINIMIZATION OF DISPLACEMENT. EACH LOCALITY WITHIN A DESIG-
NATED HOUSING OPPORTUNITY ZONE SHALL USE ITS BEST EFFORTS TO ENSURE THAT
NEW CONSTRUCTION AND SUBSTANTIAL REHABILITATION ARE CARRIED OUT IN SUCH
A MANNER AS TO MINIMIZE THE LIKELIHOOD OF ANY INVOLUNTARY PHYSICAL OR
ECONOMIC DISPLACEMENT OF TENANTS AND OWNERS WHO RESIDE IN DWELLING
ACCOMMODATIONS WHICH ARE THE SUBJECT OF SUCH NEW CONSTRUCTION OR
SUBSTANTIAL REHABILITATION.
S 2. The public service law is amended by adding a new section 65-c to
read as follows:
S 65-C. REDUCED ELECTRIC AND GAS RATES FOR HOUSING OPPORTUNITY ZONE
RESIDENTIAL UNITS. 1. THE TERM "REDUCED RATE" SHALL MEAN A TWENTY-FIVE
PERCENT REDUCTION PRIOR TO THE IMPOSITION OF GROSS RECEIPTS TAXES PURSU-
ANT TO SECTION ONE HUNDRED EIGHTY-SIX-A OF THE TAX LAW AND SALES TAXES
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PURSUANT TO ARTICLE TWENTY-EIGHT OF THE TAX LAW, IN THE MONTHLY AMOUNT
BILLED TO AN ELIGIBLE CUSTOMER FOR ELECTRICITY, GAS OR BOTH.
2. A UTILITY SHALL HAVE A CREDIT AGAINST THE GROSS RECEIPTS TAX
IMPOSED BY SECTION ONE HUNDRED EIGHTY-SIX-A OF THE TAX LAW IN THE AMOUNT
OF ONE HUNDRED PERCENT OF ANY LOSS OF REVENUE IT INCURS DUE TO THE
IMPLEMENTATION OF ITS REDUCED RATE.
S 3. The tax law is amended by adding a new section 4-a to read as
follows:
S 4-A. TAX CREDIT; REDUCED ELECTRIC AND GAS RATES. NOTWITHSTANDING
ANY OTHER PROVISION OF GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY,
ELECTRIC OR GAS UTILITY LIABLE FOR A TAX ASSESSED OR LEVIED BY THE STATE
PURSUANT TO THE PROVISIONS OF SECTION ONE HUNDRED EIGHTY-SIX-A OF THIS
CHAPTER SHALL HAVE A CREDIT AGAINST ANY SUCH TAX IN THE AMOUNT OF ONE
HUNDRED PERCENT OF ANY LOSS OF REVENUE ANY SUCH UTILITY HAS INCURRED AS
TO THE IMPLEMENTATION OF A REDUCED RATE PURSUANT TO THE PROVISIONS OF
SECTION SIXTY-FIVE-C OF THE PUBLIC SERVICE LAW. THE COMMISSIONER IS
HEREBY AUTHORIZED TO ADOPT RULES AND REGULATIONS TO IMPLEMENT THE
PROVISIONS OF THIS SECTION.
S 4. Subparagraph (i) of paragraph (b) of subdivision 1 of section
210-b of the tax law, as added by section 17 of part A of chapter 59 of
the laws of 2014, is amended to read as follows:
(i) A credit shall be allowed under this subdivision with respect to
tangible personal property and other tangible property, including build-
ings and structural components of buildings, which are: depreciable
pursuant to section one hundred sixty-seven of the internal revenue
code, have a useful life of four years or more, are acquired by purchase
as defined in section one hundred seventy-nine (d) of the internal
revenue code, have a situs in this state and are (A) principally used by
the taxpayer in the production of goods by manufacturing, processing,
assembling, refining, mining, extracting, farming, agriculture, horti-
culture, floriculture, viticulture [or], commercial fishing, OR ELIGIBLE
BUSINESS ENTERPRISE AS DETERMINED BY THE COMMISSIONER OF HOUSING AND
COMMUNITY RENEWAL PURSUANT TO SECTION NINE HUNDRED EIGHTY-FIVE OF THE
GENERAL MUNICIPAL LAW, (B) industrial waste treatment facilities or air
pollution control facilities, used in the taxpayer's trade or business,
(C) research and development property, or (D) principally used in the
ordinary course of the taxpayer's trade or business as a broker or deal-
er in connection with the purchase or sale (which shall include but not
be limited to the issuance, entering into, assumption, offset, assign-
ment, termination, or transfer) of stocks, bonds or other securities as
defined in section four hundred seventy-five (c)(2) of the Internal
Revenue Code, or of commodities as defined in section four hundred
seventy-five (e) of the Internal Revenue Code, (E) principally used in
the ordinary course of the taxpayer's trade or business of providing
investment advisory services for a regulated investment company as
defined in section eight hundred fifty-one of the Internal Revenue Code,
or lending, loan arrangement or loan origination services to customers
in connection with the purchase or sale (which shall include but not be
limited to the issuance, entering into, assumption, offset, assignment,
termination, or transfer) of securities as defined in section four
hundred seventy-five (c)(2) of the Internal Revenue Code, (F) originally
used in the ordinary course of the taxpayer's business as an exchange
registered as a national securities exchange within the meaning of
sections 3(a)(1) and 6(a) of the Securities Exchange Act of 1934 or a
board of trade as defined in section 1410(a)(1) of the New York Not-for-
Profit Corporation Law or as an entity that is wholly owned by one or
A. 199 5
more such national securities exchanges or boards of trade and that
provides automation or technical services thereto, or (G) principally
used as a qualified film production facility including qualified film
production facilities having a situs in an empire zone designated as
such pursuant to article eighteen-B of the general municipal law, where
the taxpayer is providing three or more services to any qualified film
production company using the facility, including such services as a
studio lighting grid, lighting and grip equipment, multi-line phone
service, broadband information technology access, industrial scale elec-
trical capacity, food services, security services, and heating, venti-
lation and air conditioning. Provided, however, a taxpayer shall not be
allowed the credit provided by clauses (D), (E) and (F) of this subpara-
graph unless (i) eighty percent or more of the employees performing the
administrative and support functions resulting from or related to the
qualifying uses of such equipment are located in this state or (ii) the
average number of employees that perform the administrative and support
functions resulting from or related to the qualifying uses of such
equipment and are located in this state during the taxable year for
which the credit is claimed is equal to or greater than ninety-five
percent of the average number of employees that perform these functions
and are located in this state during the thirty-six months immediately
preceding the year for which the credit is claimed, or (iii) the number
of employees located in this state during the taxable year for which the
credit is claimed is equal to or greater than ninety percent of the
number of employees located in this state on December thirty-first,
nineteen hundred ninety-eight or, if the taxpayer was not a calendar
year taxpayer in nineteen hundred ninety-eight, the last day of its
first taxable year ending after December thirty-first, nineteen hundred
ninety-eight. If the taxpayer becomes subject to tax in this state after
the taxable year beginning in nineteen hundred ninety-eight, then the
taxpayer is not required to satisfy the employment test provided in the
preceding sentence of this subparagraph for its first taxable year. For
purposes of clause (iii) of this subparagraph the employment test will
be based on the number of employees located in this state on the last
day of the first taxable year the taxpayer is subject to tax in this
state. If the uses of the property must be aggregated to determine
whether the property is principally used in qualifying uses, then either
each affiliate using the property must satisfy this employment test or
this employment test must be satisfied through the aggregation of the
employees of the taxpayer, its affiliated regulated broker, dealer, and
registered investment adviser using the property. For purposes of this
subdivision, the term "goods" shall not include electricity.
S 5. Subparagraph (A) of paragraph 2 of subsection (a) of section 606
of the tax law, as amended by chapter 637 of the laws of 2008, is
amended to read as follows:
(A) A credit shall be allowed under this subsection with respect to
tangible personal property and other tangible property, including build-
ings and structural components of buildings, which are: depreciable
pursuant to section one hundred sixty-seven of the internal revenue
code, have a useful life of four years or more, are acquired by purchase
as defined in section one hundred seventy-nine (d) of the internal
revenue code, have a situs in this state and are (i) principally used by
the taxpayer in the production of goods by manufacturing, processing,
assembling, refining, mining, extracting, farming, agriculture, horti-
culture, floriculture, viticulture [or], commercial fishing, OR ELIGIBLE
BUSINESS ENTERPRISE AS DETERMINED BY THE COMMISSIONER OF HOUSING AND
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COMMUNITY RENEWAL PURSUANT TO SECTION NINE HUNDRED EIGHTY-FIVE OF THE
GENERAL MUNICIPAL LAW, (ii) industrial waste treatment facilities or air
pollution control facilities, used in the taxpayer's trade or business,
(iii) research and development property, (iv) principally used in the
ordinary course of the taxpayer's trade or business as a broker or deal-
er in connection with the purchase or sale (which shall include but not
be limited to the issuance, entering into, assumption, offset, assign-
ment, termination, or transfer) of stocks, bonds or other securities as
defined in section four hundred seventy-five (c)(2) of the Internal
Revenue Code, or of commodities as defined in section 475(e) of the
Internal Revenue Code, (v) principally used in the ordinary course of
the taxpayer's trade or business of providing investment advisory
services for a regulated investment company as defined in section eight
hundred fifty-one of the Internal Revenue Code, or lending, loan
arrangement or loan origination services to customers in connection with
the purchase or sale (which shall include but not be limited to the
issuance, entering into, assumption, offset, assignment, termination, or
transfer) of securities as defined in section four hundred seventy-five
(c)(2) of the Internal Revenue Code, or (vi) principally used as a qual-
ified film production facility including qualified film production
facilities having a situs in an empire zone designated as such pursuant
to article eighteen-B of the general municipal law, where the taxpayer
is providing three or more services to any qualified film production
company using the facility, including such services as a studio lighting
grid, lighting and grip equipment, multi-line phone service, broadband
information technology access, industrial scale electrical capacity,
food services, security services, and heating, ventilation and air
conditioning. For purposes of clauses (iv) and (v) of this subparagraph,
property purchased by a taxpayer affiliated with a regulated broker,
dealer, or registered investment adviser is allowed a credit under this
subsection if the property is used by its affiliated regulated broker,
dealer or registered investment adviser in accordance with this
subsection. For purposes of determining if the property is principally
used in qualifying uses, the uses by the taxpayer described in clauses
(iv) and (v) of this subparagraph may be aggregated. In addition, the
uses by the taxpayer, its affiliated regulated broker, dealer and regis-
tered investment adviser under either or both of those clauses may be
aggregated. Provided, however, a taxpayer shall not be allowed the cred-
it provided by clauses (iv) and (v) of this subparagraph unless (I)
eighty percent or more of the employees performing the administrative
and support functions resulting from or related to the qualifying uses
of such equipment are located in this state, or (II) the average number
of employees that perform the administrative and support functions
resulting from or related to the qualifying uses of such equipment and
are located in this state during the taxable year for which the credit
is claimed is equal to or greater than ninety-five percent of the aver-
age number of employees that perform these functions and are located in
this state during the thirty-six months immediately preceding the year
for which the credit is claimed, or (III) the number of employees
located in this state during the taxable year for which the credit is
claimed is equal to or greater than ninety percent of the number of
employees located in this state on December thirty-first, nineteen
hundred ninety-eight or, if the taxpayer was not a calendar year taxpay-
er in nineteen hundred ninety-eight, the last day of its first taxable
year ending after December thirty-first, nineteen hundred ninety-eight.
If the taxpayer becomes subject to tax in this state after the taxable
A. 199 7
year beginning in nineteen hundred ninety-eight, then the taxpayer is
not required to satisfy the employment test provided in the preceding
sentence of this subparagraph for its first taxable year. For the
purposes of clause (III) of this subparagraph the employment test will
be based on the number of employees located in this state on the last
day of the first taxable year the taxpayer is subject to tax in this
state. If the uses of the property must be aggregated to determine
whether the property is principally used in qualifying uses, then either
each affiliate using the property must satisfy this employment test or
this employment test must be satisfied through the aggregation of the
employees of the taxpayer, its affiliated regulated broker, dealer, and
registered investment adviser using the property. For purposes of this
subsection, the term "goods" shall not include electricity.
S 6. The real property tax law is amended by adding a new section
420-d to read as follows:
S 420-D. REAL PROPERTY TAX ABATEMENTS. NEWLY CONSTRUCTED OR SUBSTAN-
TIALLY REHABILITATED RESIDENTIAL DWELLINGS LOCATED WITHIN HOUSING OPPOR-
TUNITY ZONES DESIGNATED PURSUANT TO ARTICLE NINETEEN-AA OF THE GENERAL
MUNICIPAL LAW SHALL BE EXEMPT FROM ALL TAXES IMPOSED BY A MUNICIPAL
CORPORATION, INCLUDING THOSE IMPOSED BY A SCHOOL DISTRICT, OTHER THAN
ASSESSMENTS FOR LOCAL IMPROVEMENTS, DURING CONSTRUCTION OR REHABILI-
TATION, SO LONG AS SUCH DWELLING IS USED FOR RESIDENTIAL UNIT PURPOSES
FOR A PERIOD NOT TO EXCEED TEN YEARS IN THE AGGREGATE AFTER THE TAXABLE
STATUS DATE IMMEDIATELY FOLLOWING THE COMPLETION THEREOF, CALCULATED NOT
TO EXCEED THE FOLLOWING EXEMPTIONS: TWO YEARS OF FULL EXEMPTION FOLLOWED
BY TWO YEARS OF EXEMPTION FROM EIGHTY PERCENT OF SUCH TAXATION, FOLLOWED
BY THREE YEARS OF EXEMPTION FROM SIXTY PERCENT OF SUCH TAXATION,
FOLLOWED BY TWO YEARS OF EXEMPTION FROM FORTY PERCENT OF SUCH TAXATION,
FOLLOWED BY TWO YEARS OF EXEMPTION FROM TWENTY PERCENT OF SUCH TAXATION;
PROVIDED THAT TAXES SHALL BE PAID DURING ANY SUCH PERIOD AT LEAST IN THE
AMOUNT OF THE TAXES PAID ON SUCH LAND AND IMPROVEMENTS THEREON DURING
THE TAX YEAR PRECEDING THE COMMENCEMENT OF SUCH CONSTRUCTION OR REHABIL-
ITATION AND THAT THE EXEMPTION FROM TAXES SHALL NOT BE AVAILED OF
CONCURRENTLY UNDER ANY OTHER LAW.
S 7. This act shall take effect on the first of October next succeed-
ing the date on which it shall have become a law.